Only one in 100 second-hand vehicles for sale is electric and it could take three years for the situation to significantly improve, experts warn. Greater government subsidies targeting fleets and second-hand vehicles may boost supply, they say, which could otherwise slow the wider uptake of zero-emission vehicles and cuts to transport pollution. The modest number…
More Interest-free Loans to Support Vulnerable Australian Motorists Buy Vehicles
The Australian government has extended support for a trial program helping low-income families obtain vehicles following a surge in demand. According to the Department of Social Services, the No Interest Loans Scheme for Vehicles program delivered by charity Good Shepherd Australia will receive $500,000 (US$334,000) in extra federal funding to support vulnerable families until June…
Used Car Prices Pop Up Unexpectedly, Suggesting Inflation Woes Not Over
February 9, 2023
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Used car prices jumped unexpectedly in January, which suggests that inflation woes are not over for car buyers. The news has the potential to squash optimistic predictions that inflation is heading downward, as the Federal Reserve continues to hike interest rates. Used car prices have increasingly become a point of interest for investors and for…
US GDP Rose by Forecast-Beating 2.9 Percent Last Quarter, but Experts See Weakness Behind the Numbers
November 30, 2022
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The real gross domestic product (GDP) of the United States grew at an annual rate of 2.9 percent in the third quarter of 2022, increasing more than the advance estimate of 2.6 percent issued by the Bureau of Economic Analysis (BEA) last month, but expert analysts are warning against premature celebrations amid a looming recession….
General Motors Reports Jump in Profits on Strong Sales
October 26, 2022
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Business & Marketscar salesChevrolet Bolt electric vehiclesChevrolet Bolt PlantCompanieselectric vehicle (EV)General Motors CoMarketsUS
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General Motors has registered a strong third-quarter 2022 performance, hitting record revenue and double-digit growth in earnings before interest and taxes-adjusted margins. Net income for the quarter ended September 2022 was $3.3 billion, up by $885 million from $2.42 billion in September 2021, financial data from the company show. Revenues were at $41.89 billion, up…
US Auto Market Facing Lowest Sales in a Decade
October 8, 2022
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The auto sector, which had been struggling with depleted inventories during the pandemic, is now dealing with a sales crisis. Car sales have been softening this year because of inflation, weak consumer confidence, and growing concerns about the economy. Despite the fact that cars have become more widely available with supply chain bottlenecks easing, a…
Australian Consumers Warned of Used Car Scams as Odometer Tampering Surges
The New South Wales state government of Australia is warning residents shopping for used vehicles to be mindful of odometer tampering, after a four-fold increase in the number of fines issued for the offence. Fair Trading Minister Eleni Petinos said as used vehicle sales increased during COVID-19, so too had incidents of odometer fraud. “NSW…
Prices for New Vehicles Hit Record High: Kelley Blue Book
The transaction price for a new vehicle has increased more than 14 percent on average over the last year, according to a report by a prominent automotive research company, which said that the record price hike was mostly due to supply constraints and luxury vehicle sales. “New-vehicle average transaction prices (ATPs) increased further into record…
Bentley Cruised to Record Year in 2021 With Luxury Cars in High Demand
LONDON—Luxury British carmaker Bentley cruised to a record year in 2021 as global sales jumped 31 percent amid strong demand for high-end vehicles, the Volkswagen AG unit said on Thursday. Bentley said its sales rose to 14,659 units from 11,206 in 2020, which was also a record year despite shutdowns caused by the global COVID-19…
Global Vehicle Microchip Shortage Still Hurting Dealerships
The global microchip shortage is still greatly impacting both the new and used vehicle markets, with the nation recently seeing some of its highest prices on record. According to data released by Edmunds, a website that tracks vehicle prices, the average transaction price (ATP) for used vehicles during this year’s second quarter increased to $25,410, which marks the highest quarterly used ATP Edmunds has recorded. During the first quarter, the…
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